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in each case to the effect that the interest on the Series 2015 Note is not excluded from the gross income of the Noteholder for federal income tax purposes. The above adjustments shall be cumulative, but in no event shall the interest on the Series 2015 Note exceed the maximum permitted by law. The above adjustments to the interest rate on the Series 2015 Note shall be effective for all periods during which tax treatment of the interest on the Series 2015 Note by the Noteholder is affected. Proper partial adjustment shall be made if the tax law change is effective after the first day of the Noteholder's tax year or if the interest on the Series 2015 Note does not accrue for the entire tax year of the Noteholder. Adjustments which create a circular calculation because the interest on the Series 2015 Note is affected by the calculation shall be carried out sequentially, increasing the interest on the Series 2015 Note accordingly in each successive calculation using as the new value the increase in the interest rate on the Series 2015 Note, until the change in the interest rate to the Noteholder caused by the next successive calculation of the adjustment is de minimis. The Noteholder shall promptly notify the Issuer in writing of any adjustment to the interest rate as required above. The Noteholder shall certify to the Issuer in writing the additional amount, if any, due to the Noteholder as a result of an adjustment in the interest rate pursuant hereto. (D) The Series 2015 Note shall be subject to optional redemption prior to maturity, in whole at any time or in part on any September 1, and if in part in inverse order of scheduled principal installment, upon ten (10) calendar days' prior written notice by the Issuer to the Noteholder, at a price equal to 100% of the principal amount thereof to be redeemed, plus accrued interest to the redemption date; provided that any redemption in part shall be in a multiple of $1,000. (E) Payment of interest on and principal of the Series 2015 Note shall be made to the registered owner thereof and shall be paid by check or draft of the Paying Agent to the Noteholder in whose name the Series 2015 Note is registered at the close of business on the 15th day of the month (whether or not a business day) next preceding the interest payment date. All payments shall be made in accordance with and pursuant to the terms of the Bond Resolution and the Series 2015 Note and shall be payable in any coin and currency of the United States of America which, at the time of payment, is legal tender for the payment of public or private debts. After retirement of the Series 2015 Note, the Noteholder shall return the original thereof to the County for cancellation. (F) Upon and during the continuance of an Event of Default, the Series 2015 Note shall bear interest at the Default Rate until all amounts then due under the Series 2015 Note are paid in full. The "Default Rate" shall be the lesser of 6% per annum or any statutory maximum imposed by the State of Florida. SECTION 4. AUTHORIZATION OF REFUNDING OF REFUNDED BONDS. The refunding of the Refunded Bonds is hereby authorized by the County. 0